FxWirePro: EUR/JPY breaks above 20-DMA, bias higher, stay long

• EUR/JPY is extending upside after break above 100-DMA at 119.51 on Wednesday's trade.
   
• The single currency largely muted post-EMU CPI data.
   
• Preliminary inflation data showed consumer prices rose at an annualized 2.0% in Feb, in line with expectations and up from January’s 1.8%. Core Prices rose at an annualized 0.9%.
   
• The pair has broken above 20-DMA and intraday bias higher, scope for test of 121 levels.
   
• Technical studies are bullish, RSI and Stochs support upside, price action has re-entered daily cloud.
   
• On the flipside, break below 5-DMA could see test of trendline support at 118.38 (38.2% Fib retrace of 109.205 to 124.049 rally).

Support levels - 119.56 (100-DMA), 119.43 (5-DMA), 119

Resistance levels - 120.54 (23.6% Fib), 121, 121.45 (cloud top)

TIME  TREND INDEX  OB/OS INDEX  
 
1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Bullish                Neutral        
1W         Bearish               Neutral    

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-breaks-above-100-DMA-good-to-go-long-on-dips-566162) has hit TP1&2.  

Recommendation: Book partial profits at highs. Hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -7.61444(Neutral), while Hourly JPY Spot Index was at -15.8391 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.